Stock Analysis on Net

Boeing Co. (NYSE:BA)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Boeing Co., historical price multiples (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E)
Price to operating profit (P/OP)
Price to sales (P/S) 1.66 1.42 1.91 1.73 1.90 1.30 1.53 1.50 1.87 1.93 2.20 2.44 1.96 1.38 1.41 1.11 2.34
Price to book value (P/BV) 1,689.96

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Boeing Co. P/S ratio decreased from Q2 2023 to Q3 2023 but then slightly increased from Q3 2023 to Q4 2023.

Price to Earnings (P/E)

Boeing Co., historical P/E calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 610,135,205 604,976,797 603,203,554 601,593,507 598,239,585 595,983,192 593,811,169 591,635,833 582,999,765 587,699,224 586,151,904 584,810,068 582,996,860 564,529,686 564,448,738 564,325,344 563,152,208 562,791,233 562,710,008 562,630,423
Selected Financial Data (US$)
Net earnings (loss) attributable to Boeing Shareholders (in millions) (23) (1,636) (149) (414) (634) (3,275) 193 (1,219) (4,143) (109) 587 (537) (8,420) (449) (2,376) (628) (1,010) 1,167 (2,942) 2,149
Earnings per share (EPS)2 -3.64 -4.68 -7.41 -6.87 -8.25 -14.17 -8.89 -8.26 -7.21 -14.43 -15.05 -20.15 -20.37 -7.91 -5.04 -6.05 -1.13 0.00 0.00 0.00
Share price1, 3 211.04 177.73 232.80 203.03 211.17 133.79 156.09 154.46 200.24 206.61 231.57 235.46 195.84 148.14 166.01 139.00 318.27 340.50 361.43 375.46
Valuation Ratio
P/E ratio4
Benchmarks
P/E Ratio, Competitors5
Caterpillar Inc. 15.55 12.95 17.55 15.65 19.15 15.15 14.29 18.28 16.82 21.38 25.50 37.92 36.80 25.43 17.65 11.00 12.36
Cummins Inc. 49.57 11.04 13.53 12.77 16.33 17.56 14.99 14.66 14.94 15.48 15.18 19.87 20.23 20.48 16.85 11.27 10.92
Eaton Corp. plc 35.88 27.72 32.23 26.89 27.93 26.32 25.21 26.37 27.77 33.08 34.43 40.32 37.46 31.97 25.14 15.70 18.06
General Electric Co. 16.18 12.72 13.82 12.78 19.67 19.55
Honeywell International Inc. 22.73 21.44 23.92 25.30 26.97 24.58 25.26 25.10 23.14 27.35 31.83 33.71 29.63 23.23 17.93 15.27 20.97
Lockheed Martin Corp. 15.35 15.71 16.11 22.32 20.48 19.28 22.00 19.45 16.70 15.11 14.27 15.48 13.44 15.79 16.26 17.09 19.87
RTX Corp. 38.31 35.32 22.79 26.67 27.59 29.12 29.83 35.16 36.79 40.28 60.91 12.02 24.41

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
EPS = (Net earnings (loss) attributable to Boeing ShareholdersQ4 2023 + Net earnings (loss) attributable to Boeing ShareholdersQ3 2023 + Net earnings (loss) attributable to Boeing ShareholdersQ2 2023 + Net earnings (loss) attributable to Boeing ShareholdersQ1 2023) ÷ No. shares of common stock outstanding
= (-23,000,000 + -1,636,000,000 + -149,000,000 + -414,000,000) ÷ 610,135,205 = -3.64

3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 211.04 ÷ -3.64 =

5 Click competitor name to see calculations.


Price to Operating Profit (P/OP)

Boeing Co., historical P/OP calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 610,135,205 604,976,797 603,203,554 601,593,507 598,239,585 595,983,192 593,811,169 591,635,833 582,999,765 587,699,224 586,151,904 584,810,068 582,996,860 564,529,686 564,448,738 564,325,344 563,152,208 562,791,233 562,710,008 562,630,423
Selected Financial Data (US$)
Earnings (loss) from operations (in millions) 283 (808) (99) (149) (353) (2,799) 774 (1,169) (4,171) 329 1,023 (83) (8,049) (401) (2,964) (1,353) (2,204) 1,259 (3,380) 2,350
Operating profit per share2 -1.27 -2.33 -5.64 -4.20 -5.93 -12.36 -7.14 -6.74 -4.98 -11.54 -12.81 -19.66 -21.90 -12.26 -9.32 -10.06 -3.51 0.00 0.00 0.00
Share price1, 3 211.04 177.73 232.80 203.03 211.17 133.79 156.09 154.46 200.24 206.61 231.57 235.46 195.84 148.14 166.01 139.00 318.27 340.50 361.43 375.46
Valuation Ratio
P/OP ratio4
Benchmarks
P/OP Ratio, Competitors5
Caterpillar Inc. 12.40 10.25 13.99 12.67 16.25 14.25 13.65 17.16 15.87 16.57 18.76 26.25 24.23 16.79 12.06 7.79 9.08
Cummins Inc. 20.69 8.18 9.96 9.62 11.99 12.82 11.53 11.41 11.76 12.20 11.77 15.28 15.95 16.31 14.24 9.37 9.14
Eaton Corp. plc 29.72 22.55 25.61 21.74 22.78 21.52 18.06 18.52 19.33 22.62 27.06 30.03 25.83 21.15 17.02 11.54 13.95
General Electric Co. 27.11 22.82 26.69 20.39 19.88 15.70 13.51 17.08 17.46 20.90 23.40 35.58 25.64 11.62 7.77 5.53 9.22
Honeywell International Inc. 18.15 15.87 18.29 19.31 20.84 21.54 21.51 22.09 20.68 23.54 25.98 28.28 24.86 20.25 17.03 13.96 18.81
Lockheed Martin Corp. 12.49 12.87 13.18 15.02 14.06 13.30 11.97 13.61 11.56 10.22 11.57 12.37 10.63 12.14 12.39 12.72 14.49
RTX Corp. 34.37 35.06 20.81 24.68 26.48 24.82 26.15 29.36 28.68 35.30 46.33 48.47 6.01 15.07

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
Operating profit per share = (Earnings (loss) from operationsQ4 2023 + Earnings (loss) from operationsQ3 2023 + Earnings (loss) from operationsQ2 2023 + Earnings (loss) from operationsQ1 2023) ÷ No. shares of common stock outstanding
= (283,000,000 + -808,000,000 + -99,000,000 + -149,000,000) ÷ 610,135,205 = -1.27

3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 211.04 ÷ -1.27 =

5 Click competitor name to see calculations.


Price to Sales (P/S)

Boeing Co., historical P/S calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 610,135,205 604,976,797 603,203,554 601,593,507 598,239,585 595,983,192 593,811,169 591,635,833 582,999,765 587,699,224 586,151,904 584,810,068 582,996,860 564,529,686 564,448,738 564,325,344 563,152,208 562,791,233 562,710,008 562,630,423
Selected Financial Data (US$)
Revenues (in millions) 22,018 18,104 19,751 17,921 19,980 15,956 16,681 13,991 14,793 15,278 16,998 15,217 15,304 14,139 11,807 16,908 17,911 19,980 15,751 22,917
Sales per share2 127.50 125.22 122.03 117.25 111.34 103.06 102.29 103.21 106.84 106.85 105.19 96.56 99.76 107.64 118.00 125.02 135.95 0.00 0.00 0.00
Share price1, 3 211.04 177.73 232.80 203.03 211.17 133.79 156.09 154.46 200.24 206.61 231.57 235.46 195.84 148.14 166.01 139.00 318.27 340.50 361.43 375.46
Valuation Ratio
P/S ratio4 1.66 1.42 1.91 1.73 1.90 1.30 1.53 1.50 1.87 1.93 2.20 2.44 1.96 1.38 1.41 1.11 2.34
Benchmarks
P/S Ratio, Competitors5
Caterpillar Inc. 2.52 1.86 2.37 1.89 2.27 2.08 1.88 2.38 2.26 2.41 2.59 3.23 2.83 2.06 1.68 1.22 1.48
Cummins Inc. 1.07 0.93 1.07 1.07 1.25 1.29 1.24 1.17 1.33 1.44 1.45 1.79 1.83 1.66 1.43 1.05 1.05
Eaton Corp. plc 4.98 3.67 3.96 3.23 3.31 2.99 2.95 2.96 3.03 3.51 3.39 3.25 2.96 2.41 2.02 1.60 1.87
General Electric Co. 2.30 1.84 1.85 1.51 1.20 1.11 1.10 1.25 1.50 1.64 1.60 1.68 1.41 0.84 0.71 0.67 1.18
Honeywell International Inc. 3.51 3.19 3.61 3.68 3.78 3.78 3.72 3.84 3.73 4.32 4.66 4.78 4.34 3.48 3.04 2.65 3.51
Lockheed Martin Corp. 1.57 1.62 1.69 1.92 1.78 1.75 1.61 1.84 1.57 1.38 1.53 1.63 1.40 1.61 1.67 1.75 2.07
RTX Corp. 1.78 1.68 1.80 2.15 2.14 1.97 2.04 2.27 2.21 2.09 2.14 2.07 1.95 1.44 1.41 0.71 1.75

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
Sales per share = (RevenuesQ4 2023 + RevenuesQ3 2023 + RevenuesQ2 2023 + RevenuesQ1 2023) ÷ No. shares of common stock outstanding
= (22,018,000,000 + 18,104,000,000 + 19,751,000,000 + 17,921,000,000) ÷ 610,135,205 = 127.50

3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 211.04 ÷ 127.50 = 1.66

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Boeing Co. P/S ratio decreased from Q2 2023 to Q3 2023 but then slightly increased from Q3 2023 to Q4 2023.

Price to Book Value (P/BV)

Boeing Co., historical P/BV calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 610,135,205 604,976,797 603,203,554 601,593,507 598,239,585 595,983,192 593,811,169 591,635,833 582,999,765 587,699,224 586,151,904 584,810,068 582,996,860 564,529,686 564,448,738 564,325,344 563,152,208 562,791,233 562,710,008 562,630,423
Selected Financial Data (US$)
Shareholders’ equity (deficit) (in millions) (17,233) (16,729) (15,517) (15,508) (15,883) (17,699) (14,888) (15,398) (14,999) (14,440) (16,682) (18,058) (18,316) (11,821) (11,667) (9,665) (8,617) (4,116) (5,322) 125
Book value per share (BVPS)2 -28.24 -27.65 -25.72 -25.78 -26.55 -29.70 -25.07 -26.03 -25.73 -24.57 -28.46 -30.88 -31.42 -20.94 -20.67 -17.13 -15.30 -7.31 -9.46 0.22
Share price1, 3 211.04 177.73 232.80 203.03 211.17 133.79 156.09 154.46 200.24 206.61 231.57 235.46 195.84 148.14 166.01 139.00 318.27 340.50 361.43 375.46
Valuation Ratio
P/BV ratio4 1,689.96
Benchmarks
P/BV Ratio, Competitors5
Caterpillar Inc. 8.25 5.76 8.05 6.13 8.09 7.16 6.14 6.96 6.62 6.61 6.65 7.86 7.20 5.64 5.32 4.11 5.16 5.09 4.81 5.06
Cummins Inc. 4.12 2.90 3.32 3.35 3.91 4.01 3.51 3.38 3.76 4.29 4.25 4.61 4.49 4.22 4.00 3.36 3.29 3.47 3.15 3.35
Eaton Corp. plc 6.07 4.52 4.87 3.96 4.04 3.75 3.56 3.52 3.63 4.28 4.21 3.84 3.54 3.06 2.73 2.34 2.48 2.32 2.14 2.16
General Electric Co. 5.43 4.31 4.09 3.39 2.43 2.53 2.26 2.27 2.64 3.15 3.43 3.53 2.89 1.95 1.71 1.63 3.66 3.16 2.55 2.52
Honeywell International Inc. 8.11 6.74 7.54 7.81 8.02 7.46 7.31 7.17 6.91 8.39 8.83 8.67 8.07 6.40 5.78 5.46 6.97 6.61 7.00 6.56
Lockheed Martin Corp. 15.54 11.80 12.31 13.16 12.67 9.46 9.05 12.08 9.62 9.50 15.63 17.05 15.27 20.84 27.96 30.96 39.60 26.86 35.45 37.84
RTX Corp. 2.05 1.62 1.75 2.03 1.97 1.85 1.89 2.04 1.95 1.87 1.87 1.75 1.53 1.26 1.35 1.25 3.24 3.05 2.87 3.05

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
BVPS = Shareholders’ equity (deficit) ÷ No. shares of common stock outstanding
= -17,233,000,000 ÷ 610,135,205 = -28.24

3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 211.04 ÷ -28.24 =

5 Click competitor name to see calculations.